Core Viewpoint - The company Shiyun Circuit (603920) plans to invest 125 million yuan in Shenzhen Xinsong Semiconductor, which has a net asset of 21.2 million yuan and a valuation of 3 billion yuan [1][5]. Investment Rationale - Shiyun Circuit aims to strengthen its strategic positioning in the high-tech segments of the electronic information industry, particularly in smart vehicles and AIOT applications, through this investment in Xinsong Semiconductor [2]. - Xinsong Semiconductor specializes in the research, production, and sales of SAW and BAW filters, holding over 170 authorized patents in China and the U.S., and has established partnerships with major ODM manufacturers [2]. Financial Overview - As of mid-2025, Xinsong Semiconductor's total assets and net assets are projected to be 458 million yuan and 21.2 million yuan, respectively, with a significant increase in debt ratio from 76.73% to 95.37% [3]. - The company reported revenues of 227 million yuan and a net loss of 28.78 million yuan for the year 2024, with a further decline in profitability expected in the first half of 2025 [3]. Valuation Basis - The investment valuation of 3 billion yuan was agreed upon by all parties involved, taking into account the company's product development progress and business growth compared to its previous financing round [5]. - Xinsong Semiconductor has made advancements in its BAW and TC-SAW product lines, with successful mass production of high-frequency products and entry into the automotive market [5]. Business Growth - Xinsong Semiconductor achieved a revenue of 102 million yuan in the first half of 2025, reflecting a year-on-year growth of 25%, indicating a strong order backlog [6]. Company Background - Shiyun Circuit specializes in PCB manufacturing and was listed on the Shanghai Stock Exchange in April 2017, becoming the first company from Jiangmen City to be publicly listed [6].

Group 1 - The core point of the announcement is that Guangdong Shiyun Circuit Technology Co., Ltd. plans to invest 125 million yuan in Shenzhen New Sound Semiconductor Co., Ltd. to acquire a 3.8238% stake, aiming to enhance its strategic positioning in the electronic information industry [1] - The investment is part of the company's strategy to focus on high-tech barriers and growth segments within the electronic information industry, particularly in smart automotive and AIOT applications [1] - The company anticipates establishing a deep cooperative relationship with New Sound Semiconductor to promote the adoption of new vehicle-mounted filters and modular solutions in the industry, aiming for mutual benefits [1] Group 2 - Filters are core components in the electronic information industry, closely related to the development of strategic emerging industries such as 5G/6G communication, smart vehicles, and satellite internet [2] - New Sound Semiconductor specializes in the research, production, and sales of SAW (Surface Acoustic Wave) filters and BAW (Bulk Acoustic Wave) filters, with key products including TC-SAW filters and BAW filters that have been supplied to major smartphone brands like Xiaomi, Honor, and Samsung [2] - New Sound Semiconductor is the first filter company in the country to obtain AEC-Q200 automotive certification, and its automotive-grade filter products have achieved mass production and delivery in the automotive front-loading market [2]

Group 1 - The company plans to invest 125 million yuan in Shenzhen New Sound Semiconductor Co., Ltd., acquiring a 3.8238% stake in the target company [1] - Filters are core components in the electronic information industry, closely related to strategic emerging industries such as 5G/6G communication, smart vehicles, and satellite internet [2] - New Sound Semiconductor specializes in the research, production, and sales of SAW and BAW filters, holding over 170 authorized patents in China and the United States, with a complete independent intellectual property [2] Group 2 - The investment aligns with the company's strategic focus on high-tech barriers and growth segments within the electronic information industry, particularly in smart vehicles and AIOT [3] - The company aims to establish a deep cooperative relationship with the target company to promote the application of new vehicle-mounted filters and modular solutions in the industry [3]

Group 1 - The company announced that its fifth board meeting will be held on August 10, 2025, via telecommunication voting [2] - The meeting will review the proposal regarding the investment in Shenzhen New Sound Semiconductor Co., Ltd. and related transactions [2]

Group 1 - The company plans to invest 125 million yuan in Shenzhen New Voice Semiconductor Co., Ltd. through capital increase with both related and non-related parties [1] - After the transaction, the company will acquire a 3.8238% stake in the target company [1] - The investment aims to strategically position the company in high-tech segments of the electronic information industry, focusing on smart automotive and AIOT applications [1] Group 2 - The investment is expected to foster a deep cooperative relationship with the target company, promoting the adoption of new vehicle-mounted filters and modular solutions in the industry [1]

Core Viewpoint - The company plans to invest 125 million yuan in Shenzhen New Sound Semiconductor Co., Ltd. to acquire a 3.8238% stake, aiming to enhance its strategic positioning in the high-tech segments of the electronic information industry [1] Group 1 - The investment will be made in collaboration with both related and non-related parties, specifically Tianjin Shunke Juxin Venture Capital Partnership and Tianjin Hongsheng Jiacheng Equity Investment Partnership [1] - The strategic focus of the investment is to strengthen the company's capabilities in tracking and researching technological innovations required for downstream applications in smart vehicles and AIOT (Artificial Intelligence of Things) [1] - The company anticipates establishing a deep cooperative relationship with the target company to promote the adoption of new vehicle-mounted filters and modular solutions within the industry, aiming for mutual benefits [1]

Core Viewpoint - The company plans to invest 125 million yuan in Shenzhen New Sound Semiconductor Co., Ltd. through capital increase, acquiring a 3.8238% stake in the company [1] Group 1: Investment Details - The investment will be made using the company's own funds [1] - The investment involves both related party Shunke Juxin and non-related party Hongsheng Jiacheng [1] Group 2: Company Profile of New Sound Semiconductor - New Sound Semiconductor specializes in the research, development, production, and sales of SAW and BAW filters and FEM modules [1] - The company holds multiple independent intellectual property rights and is the first in the country to pass AEC-Q200 automotive certification for filter products [1] - Its automotive-grade filter products have already achieved mass production and delivery in the automotive front-loading market [1]

Group 1 - The company plans to invest 125 million yuan in Shenzhen New Sound Semiconductor Co., Ltd. to acquire a 3.8238% stake [1] - Filters are core components in the electronic information industry, closely related to strategic emerging industries such as 5G/6G communication, smart vehicles, and satellite internet [2] - New Sound Semiconductor specializes in the R&D, production, and sales of SAW and BAW filters, holding over 170 authorized patents in China and the U.S. [2] Group 2 - The investment aligns with the company's strategic focus on high-tech segments within the electronic information industry, particularly in smart vehicles and AIOT [3] - The company aims to establish a deep cooperative relationship with New Sound Semiconductor to promote the application of new vehicle-mounted filters and modular solutions [3]

证券代码：603920 证券简称：世运电路 公告编号：2025-059 广东世运电路科技股份有限公司 关于拟投资深圳新声半导体有限公司暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 广东世运电路科技股份有限公司（以下简称"公司"或"世运电路"）拟 以自有资金 12,500 万元与关联方天津顺科聚芯创业投资基金合伙企业（有限合 伙）（以下简称"顺科聚芯"）、非关联方天津泓生嘉诚股权投资合伙企业（有 限合伙）（以下简称"泓生嘉诚"）通过增资的方式对深圳新声半导体有限公司 （以下简称"新声半导体""目标公司"）进行投资。本次交易完成后，公司将 取得目标公司 3.8238%股权。 顺科聚芯为新豪国际集团有限公司（以下简称"新豪国际"）、广东顺德 科创管理集团有限公司（以下简称"顺德科创"）及广东顺德高新创业投资管理 有限公司（以下简称"顺德高新"）共同出资设立的合伙企业，公司关联人顺德 高新为顺科聚芯的执行事务合伙人，根据《上海证券交易所股票上市规则》的相 关规定，顺科聚芯为公司的关联人，因此，本次交 ...

证券代码：603920 证券简称：世运电路 公告编号：2025-058 广东世运电路科技股份有限公司 第五届董事会第七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 广东世运电路科技股份有限公司（以下简称"公司"）第五届董事会第七次 会议（以下简称"会议"）通知于 2025 年 8 月 5 日以电子邮件方式发出，于 2025 年 8 月 10 日以通讯表决的方式召开，并以记名的方式进行了表决。会议由董事 长林育成先生主持，会议应参加董事 7 人，实际参加 7 人。公司监事及高级管理 人员列席了本次会议。本次会议的召开符合有关法律法规和《公司章程》的规定， 会议合法有效。 二、董事会会议审议情况 审议并通过《世运电路关于拟投资深圳新声半导体有限公司暨关联交易的 议案》 为进一步提升公司未来盈利空间，公司与关联方天津顺科聚芯创业投资基金 合伙企业（有限合伙）、非关联方天津泓生嘉诚股权投资合伙企业（有限合伙） 拟分别通过增资的方式对深圳新声半导体有限公司（以下简称"新声半导体"） 进行投资，各 ...